Decline In Crude Oil Prices: First Challenge To COP 21 Agreement

The declining prices of crude oil are making records day by day and giving opportunity to all developing countries such as India and China which are fast growing economies in the world. And unfortunately responsible for carbon emissions too though is it very less compare to developed countries.

Though there are lots of reasons of this decline of crude, one important reason is the need of natural gas and oil of few countries in winter season is minimizing day by day. Many areas of Turkey, Central Asia, and East Asia are not so much cold as they were in previous decades. European countries, Japan and other countries in cold zone are minimizing their dependency on import of crude oil resulting decreasing prices of crude.

Last week it broke record of last 11 years and downed level up to 36 dollars per barrel. Though this is in favor of developing countries, question is it will adversely impact on the environment.

Just few days before the media throughout the world including India was discussing on the Paris climate summit and its success (?), and now keeping climate change out side and started thinking on economy again. The major developing countries particularly India and China will start to buy and use more and more oil for the economic development.

The good thing is India, is government of India still didn’t decrease the rate of petrol and other petroleum products. Otherwise Indian will definitely use the oil as water and coming generations will face the impacts. But the problem is not of India, the actual problem is of USA, which total population is approximately just 5 per cent of the world population but use approximately more than 25 per cent crude oil. This thing is really horrible and to be focus on that.

The minimum use of fossil fuel is possible if it is expensive. And minimum use of fossil fuel is better for environment in terms of emissions. So the rate of crude oil and its use is also one important parameter to mitigate the climate change impacts. Horrible is according to Goldman Sachs, this declining in rates of crude will be continue and potential to fall up to 20 dollars per barrel near future.

In coming days it will be cleared, how much the Goldman Sachs’s true but now question is what we can do to avoid the possible environmental impacts of use of fossil fuel. It is better to avoid the journey by private vehicle and use the public transport. In India, Delhi state government made the rule to use the car of odd and even numbers alternatively to avoid the use of private vehicles. Emission of diesel engine vehicle is generally seven times more than petrol engine vehicle. Government may think on this in future and ban such vehicles including the old vehicles which are responsible for the pollution.

It is necessary to assess how declining of crude related with rising in emissions. But avoid use of fossil fuel, minimum use of electricity, removal of electronic equipment from plug if not in use, avoid to eat processed food, prefer veg and fresh food, buy the things from traditional markets rather than big super markets and shopping mall which use more energy, implement and invest in solar energy system and such many things have potential of great impact to mitigates the climate change and if we able to do that then only the Paris climate summit will be called as successful.

By Kapilkumar Nivrutti Ingle


About the Author
Kapilkumar is an Indian research fellow at Tel Aviv University. His academic background is of environmental science. He studied journalism at Pune University, India and completed his intern at Lokmat newspaper, one of the leading newspapers in Maharashtra state of India. Kapilkumar is interested in addressing the challenges relating to climate change by using the fields of journalism and environment together.
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